ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business n
Monday, July 22, 2024 Vol. 19 No. 279
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
P25.00 nationwide | 3 sections 24 pages | 7 DAYS A WEEK
EXTERNAL DEBT SERVICE DOWN 19.5% AT END-APR By Reine Juvierre S. Alberto
T
HE doubledigit decline in principal and interest payments pulled down the country’s overall external debt service burden as of end-April 2024, according to the Bangko Sentral ng Pilipinas (BSP).
Data from the BSP showed the country’s debt service burden reached US$4.640 billion in the January to April period this year. This was lower by 19.49 percent than the US$5.785 billion recorded in the same period a year ago. In 2023, the country’s total debt service burden reached US$14.752 billion. Principal debt service burden went down by 41.46 percent to US$2.115 billion in January to April 2024 from US$3.613 billion in the same period in 2023. Data from the central bank showed interest payments also decreased by 16.25 percent to US$2.525 billion in the first four months of 2024 from the US$2.172 billion posted in the same period a year ago. Ratio of export shipments, meanwhile, slowed to 24.5 percent from January to April 2024 period from 35.5 percent recorded in the same time in 2023. Export shipments as of endApril 2024 rose by 16.12 percent to US$18.904 billion compared to the US$16.280 billion posted in the same period a year ago. Moreover, the ratio of debt service burden to exports of goods and receipts from services and primary income contracted to 9.4 percent. This is the lowest debt service burden to export shipments ratio since 2022 at 14.7 percent. The exports of goods and receipts from services and primary income reached US$49.337 billion from January to April 2024, higher by 11.31 percent than the US$44.322 billion recorded in the same period in 2023. This was also the lowest since the 6.3 percent ratio posted in 2022. Debt service burden represents See “Debt,” A2
PLUGGING INTO CLEAN ENERGY A mall in Parañaque City has installed a charging station for electric vehicles as part of its efforts to promote clean energy adoption. A foreigner inspects it to see if his car can be charged. The AC Mobility EV charging hub consists of three 22kW AC chargers compatible with both Type 2 and GB/T charge ports, and a 120kW DC fast charger that is CCS2 compatible and can charge two vehicles simultaneously. The company is optimistic about the growth of electric vehicle adoption in the country. NONIE REYES
23 BIZ GROUPS PUSH ‘KONEKTADONG PINOY’ BILL By Andrea E. San Juan @andreasanjuan
A
T least 23 groups, including the Joint Foreign Chambers, industry associations and civil society organizations are urging President Ferdinand R. Marcos Jr. to prioritize and certify as urgent the passage of the proposed Open Access in Data Transmission Act, stressing the need to advance the nation’s broadband infrastructure so all Filipinos can benefit from digitalization. Ahead of the 2024 State of
the Nation Address, the organizations asked Marcos Jr. to certify as urgent the proposed “Konektadong Pinoy Act,” also known as the “Open Access in Data Transmission Act,” recently filed as Senate Bill No. 2699 under Committee Report No. 262. “We, the undersigned organizations, including Philippine Business Groups, Joint Foreign Chambers, industry associations, and civil society organizations, urge His Excellency, President Ferdinand R. Marcos Jr., to prioritize and certify as urgent the passage of the proposed Open Access
in Data Transmission Act, also known as the Konektadong Pinoy Act (Senate Bill No. 2699, under Committee Report No. 262). The signatories to the joint statement include Philippine Business Groups: Philippine Chamber of Commerce and Industry (PCCI), Philippine Exporters Confederation Inc. (Philexport), and Employers Confederation of the Philippines (Ecop); The signatories also include Joint Foreign Chambers: American Chamber of Commerce of the See “Biz,” A2
With tight calendar, House, Senate to stick to Ledac list
S
ENATE President Francis “Chiz” G. Escudero and speaker Martin G. Romualdez, separately presiding over their respective chambers on Monday morning, will bang the gavel to open the Third Regular Session of the 19th Congress Monday, July 22, 2024, ahead of President Ferdinand “Bongbong” Marcos Jr.’s third State of the Nation Address (Sona). Both leaders indicated on Sunday they will use the tight schedule of the third regular session to tackle identified priority bills in the Legislative Executive Development Advisory Council (Ledac). “We will focus on what was agreed upon during the recent Ledac meeting under the Common Legislative Agenda,” Escudero said.
Ten bills agreed on during the meeting include amendments to the Electric Power Industry Reform Act (Epira); Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill; and, Amendments to the Foreign Investors’ Long-Term Lease Act. Escudero said changing some provisions in the Epira law is long overdue. Such amendments should accelerate national efforts toward a more energy-secure country, he said. The CREATE MORE Act, on the other hand, would help improve the current regulations by enhancing the tax and administrative See “Senate,” A2
PESO EXCHANGE RATES n US 58.2640 n JAPAN 0.3703 n UK 75.4344 n HK 7.4606 n CHINA 8.0231 n SINGAPORE 43.3802 n AUSTRALIA 39.0718 n EU 63.5019 n SAUDI ARABIA 15.5342 Source: BSP (July 19, 2024)